Why not, Gambling companies themselves are the big banks with fat wallets. They have huge liquid cash flowing in and out all the time. Crypto is like saviour for them to avoid the taxes and heavy burden of regulatory bodies. Moreover crypto gave them wings to go borderless and have more countries and peeps on board. With this the hassle of using international credit cards reduced and most of them can easily transact with crypto after buying locally and transferring directly online through portal.
However, the regime is not long enough and government already started imposing regulations on them to get KYC of users done and shit. Hope so it does not become problem for them so that we can continue to enjoy that way.
Topic: Gambling Companies: First Massive Bitcoin Adopters - page 3. (Read 644 times)
Actually, it was probably the drug sellers/users, right? On the darknet markets. And it totally makes sense — the fact that your money cant be locked up and is pseudonymous.
Seems to be a lot less viable today though, with chainalysis and such.
Seems to be a lot less viable today though, with chainalysis and such.
There are some distinct benefits for gambling companies using bitcoin. Majority of these gambling companies are registered in Curacao so they can't legally operate a business using banking intermediaries. Accepting bitcoin allows them to defy that requirement. Secondly, gambling companies can avoid asking KYC documents from their players because they are not answerable to any financial agencies or banks. Bitcoin has done a great job to protect the privacy of the players.
Some people may think bitcoin as dirty because of its association with gambling but in reality this industry is the very first adopters of bitcoin. Can't leave them for granted!
Some people may think bitcoin as dirty because of its association with gambling but in reality this industry is the very first adopters of bitcoin. Can't leave them for granted!
Gambling, like many things, if is done on the volition of a player, is just the free market in action. As long as no one is being coerced into anything, there shouldn't be any moral panic over it. And yet there is. And this causes a black-grey market for gambling in many jurisdictions as a result. People want to play, and yet bad government policy makes it difficult for players.
Bitcoin helped to fix that, like many other problems. Bitcoin's major penetration early in it's adoption cycle was into grey market industries. Now that it has become more mainstream, it's worked it's way into more standard businesses and with time, if it is successful, it will continue in that direction. If it were super successful, it would eventually become a world reserve currency, but it's quite a long ways away from that.
Bitcoin helped to fix that, like many other problems. Bitcoin's major penetration early in it's adoption cycle was into grey market industries. Now that it has become more mainstream, it's worked it's way into more standard businesses and with time, if it is successful, it will continue in that direction. If it were super successful, it would eventually become a world reserve currency, but it's quite a long ways away from that.
I think it is rather the second option. Especially at the beginning. Now that it is more normalized, not so much.
And after a few years of enjoying little or no regulation on the Internet, casinos eventually ended up regulated and having to acquire licenses.
Something similar happens with cryptocurrency gambling houses. They enjoy a legal limbo, but in a few years the same thing that happened with fiat gambling houses will happen. There are going to be stricter regulations that they are going to have to adopt.
Strict regulation and not being able to conduct business easily is the reason why gambling industries are the front runners in adopting new technologies. Most countries are working on regulation but a handful of them have been able to come up with it. They still are not clear about Bitcoin and most think it is used only for illegal activities. Therefore they themselves spread the fear about Bitcoin. Were they really surprised though? Casinos were one of the earliest adopters of internet, going online and doing all kinds of digital marketing and developing digital payments even from the late 1990s -- a major reason was restrictive regulations that pushed them away from physical opportunities.
And after a few years of enjoying little or no regulation on the Internet, casinos eventually ended up regulated and having to acquire licenses.
Something similar happens with cryptocurrency gambling houses. They enjoy a legal limbo, but in a few years the same thing that happened with fiat gambling houses will happen. There are going to be stricter regulations that they are going to have to adopt.
I think it is rather the second option. Especially at the beginning. Now that it is more normalized, not so much.
And after a few years of enjoying little or no regulation on the Internet, casinos eventually ended up regulated and having to acquire licenses.
Something similar happens with cryptocurrency gambling houses. They enjoy a legal limbo, but in a few years the same thing that happened with fiat gambling houses will happen. There are going to be stricter regulations that they are going to have to adopt.
Were they really surprised though? Casinos were one of the earliest adopters of internet, going online and doing all kinds of digital marketing and developing digital payments even from the late 1990s -- a major reason was restrictive regulations that pushed them away from physical opportunities.
And after a few years of enjoying little or no regulation on the Internet, casinos eventually ended up regulated and having to acquire licenses.
Something similar happens with cryptocurrency gambling houses. They enjoy a legal limbo, but in a few years the same thing that happened with fiat gambling houses will happen. There are going to be stricter regulations that they are going to have to adopt.
-snip-
2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.
Yeah, that's what people think in some circles to be more religious, more precisely "uncommendable". 2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.
The presence of online casinos is enough to help those who don't want to interfere with their authority, bitcoin is enough to complete the effort so that none of financial accounts are related to gambling sites. Luckily, my environment doesn't think bitcoin is anything "dirty" in general because they think bitcoins can only be earned and stored on exchanges.
Were they really surprised though? Casinos were one of the earliest adopters of internet, going online and doing all kinds of digital marketing and developing digital payments even from the late 1990s -- a major reason was restrictive regulations that pushed them away from physical opportunities.
Early adopters of new tech tend to be "fringe industries" so no surprise.
Early adopters of new tech tend to be "fringe industries" so no surprise.
Bitcoin developers aimed the creation of this decentralized coin to avoid transactions going through financial institutions. Developers and its early investors and believers never expected that it would be the gambling companies that will start the massive acceptance of bitcoin as a currency. Gambling companies accepting bitcoin have two effects on people:
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.
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